Regulatory Alerts2024-06-24
Circular No. 9/2024: Implementation of AML/CFT Provisions and Visa-Mastercard Payment Services
The Central Bank of Libya issues Circular No. 9/2024 to establish comprehensive regulatory requirements for payment service providers, with specific focus on Visa-Mastercard operations and centralized licensing through CBLKEY. The Circular mandates a minimum paid-up capital of 500,000.00 Libyan Dinars, enforces strict adherence to the Anti-Money Laundering and Combating the Financing of Terrorism Law, and requires robust Know Your Customer (KYC) procedures aligned with Circular No. 2/2016. Furthermore, it grants the Central Bank authority to conduct on-site and off-site inspections, maintain a public registry of licensed providers, and suspend or revoke licenses for non-compliance.
Circular No. 9/2024
Date: 14/09/1445 AH / May 16, 2024 AD Reference No.: 804
Regarding the implementation of the provisions of Circular No. 1/2005, and Circular No. 1013 dated April 29, 2017, and Circular No. 1/2015 dated June 14, 2015, and Circular No. 10/2023 dated February 22, 2023, concerning the implementation of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law, its Executive Regulations, and related circulars.
The Central Bank of Libya (CBL) hereby issues this Circular regarding Visa-Mastercard payment services, the central registry for payment service providers (CBLKEY), and compliance with AML/CFT regulations.
Article 1: The Central Bank of Libya (CBL) shall supervise and regulate payment service providers, ensuring they maintain a minimum paid-up capital of 500,000.00 Libyan Dinars and comply with AML/CFT regulations and their Executive Regulations.
Article 2: Payment service providers offering Visa-Mastercard services shall adhere to the operational and technical standards set by the CBL.
Article 3: The CBL shall establish a centralized licensing and registration framework for all payment service providers operating in Libya.
Article 4: The Central Bank of Libya (CBLKEY) shall maintain a central registry and publish the official list of licensed payment service providers.
Article 5: The CBL shall conduct regular on-site and off-site inspections to verify compliance with licensing conditions, capital requirements, and AML/CFT obligations.
Article 6: Payment service providers must submit periodic reports and financial statements to the CBL as required.
Article 7: The CBL reserves the right to suspend, modify, or revoke licenses for non-compliant payment service providers.
Article 8: All payment service providers shall maintain adequate operational and financial records to facilitate effective supervision.
Article 9: Compliance with Know Your Customer (KYC) requirements shall be enforced in accordance with Circular No. 2/2016 and other relevant regulations. The CBL shall ensure that payment service providers maintain sufficient records, implement robust customer due diligence procedures, and report suspicious transactions promptly.
www.cbl.gov.ly | Swift Code: CBLJLYLX | Tel: +218 214441488, +218 213333591